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Accel invests 100 cr in BookMyShow.com

Tags: Accel Partners, BookMyShow.com, Bigtree Entertainment, Network 18, Ashish Hemrajani

August 23, 2012 | COMMENTS ( 0 )

Accel invests 100 cr in BookMyShow.com

 

Bigtree Entertainment Private Limited, the holding company of India’s largest entertainment ticketing website BookMyShow.com, today announced an investment by Accel Partners, one of the leading global investors in Internet businesses. As a part of this transaction, Accel will invest INR 100 crore through a primary infusion of capital and secondary sale of shares from existing investors.

BookMyShow.com is India's premiere online ticketing platform where consumers can search and book tickets for movies, plays, concerts, entertainment performances and sporting events. It partners with cinemas and event organizers to enable consumers to book tickets at the click of a mouse or on the go with BookMyShow's mobile applications. BookMyShow website draws more than 7 million visitors who book over 2 million tickets a month.

Prashanth Prakash, Partner of Accel India said, “BookMyShow.com caught our attention because it has become synonymous with online entertainment and ticketing. We are constantly striving to invest in businesses that assume a leadership position by driving the definition and growth of their respective categories. We are very excited to add one of India’s pre-eminent Internet brands to our portfolio of investments in India.”

Network18, one of India’s leading media groups, has built an enviable investment portfolio of digital businesses. It partnered with the three founders of BookMyShow.com at the inception of the platform and has helped it establish its current leadership position.

Commenting on the transaction, Sarbvir Singh, Head Investments of Network18 said, “The transaction has allowed us at Network18 to profitably monetize a part of our investment while allowing us to maintain a large position in the company to participate in the next phase of BookMyShow journey.”

Avendus Capital was the sole financial advisor to the transaction.

 

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